From Yahoo Finance: 2025-05-25 16:01:00

President Trump is considering eliminating income tax for those making less than $150,000 per year, along with overtime pay, Social Security Benefits, and tips. However, financial experts warn that this could lead to higher sales taxes and property taxes, impacting middle-class households the most. The shift could also affect federal funding for programs like Social Security and Medicare, potentially leading to benefit cuts or privatization. Additionally, small-business owners who rely on income tax deductions could face increased tax burdens. While these are just proposals for now, they could exacerbate income inequality in the long run.



Read more at Yahoo Finance: 5 Ways Trump’s Suggested Income Tax Elimination Could Hurt the Middle Class